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Investment Guru India 2019-06-12 04:55:49

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* On a daily chart, the stock has taken a support of its lower band of Broadening Rising Wedge formation in which the stock has been trading since last many days which suggests an upside movement towards its upper band of the formation.

* Moreover, the stock has been trading with a positive crossover of 21*50 Days Moving Average which shows a Bullish movement in the counter.

* On an hourly chart, the stock is bouncing back after taking a strong support of around 557.80 level which is 50 % retracement level of its previous move from 529.60 level to 586.00 level which suggests a positive move in the counter.

* Furthermore, the stock is sustaining above its 200 Days Simple moving average which signifies positive trend in the stock.

* A daily momentum indicator RSI reading is at 51.56 level and about to give positive crossover which adds more bullishness to the price.

* Based on the above technical structure, we are expecting an upside movement in the counter in few trading sessions.

 

Recommendation

Buy CIPLA Ltd JUN Fut @ 567.50 - 565.50 SL 550 TGT 602.50

 

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